Recently published figures show that more new businesses were established in Wales during 2023 than in any previous year to date.

A total of 27,162 new formations were registered in Wales during the last 12 months, an increase on 2022 when 22,120 were established, bringing the number of registered companies to an all-time high of 163,948.

The statistics are taken from the Inform Direct Review of Company Formations, using data from Companies House and the Office for National Statistics.

Cardiff formed the most new businesses (10,483), followed by Swansea (1,930) and Newport (1,387).

John Korchak, Managing Director at Inform Direct said: “It is excellent news that Wales can celebrate a record year for new company formations during 2023.

“The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events.

“However, the formation figures demonstrate very clearly that entrepreneurs in Wales remained undeterred and pursued their ambitions to establish new ventures.

“This positive picture is mirrored in the overall position for the UK which saw the highest ever number of new companies established during 2023. The total number of UK formations exceeded 900,000 for the very first time.”

The UK saw 900,006 new companies, compared to 805,141 in 2022, which represents an increase of 11.8%. It brings the total number of UK companies to a record 5,476,772.

In Northern Ireland there were 13,704 formations and in Scotland there were 38,926. Of the 769,385 formations in England, well over one third were in London (313,446).

To see a more detailed picture of company formations in Wales – including a full local breakdown – visit: https://www.informdirect.co.uk/company-formations-2023/wales/

To see the report in full, visit: https://www.informdirect.co.uk/company-formations-2023/